Fifth report: Protecting pension savers—five years on from the pension freedoms: Pension scams
Select Committee
Work and Pensions Committee
HC 648
28 March 2021
Government response
Protecting pension savers–five years on from the pension freedoms: Pension scams: Government, The Pensions Regulator and Financial Conduct Authority Responses to the Committee’s Fifth Report of Session 2019–21 · published 6 Jul 2021
Recommendations & Conclusions
2 results
2
Recommendation
Deferred
Para 11
The pension freedoms gave people more choice in how they use their money to meet...
Recommendation
The pension freedoms gave people more choice in how they use their money to meet their own needs. However, by offering pension savers access to a much wider range of investments, the freedoms also removed much of the distinction between …
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Government Response Summary
The government acknowledges the scale of pension scams and efforts to build a better intelligence picture through industry reporting. However, it defers comprehensive action on putting in place the necessary support framework, stating it will look closely at the recommendations from internal Project Bloom reviews and set out the way forward later in the year.
Department for Work and Pensions
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11
Recommendation
Deferred
Para 46
The pensions industry does not universally share information about possible scams amongst providers and schemes.
Recommendation
The pensions industry does not universally share information about possible scams amongst providers and schemes. Information can be, and is, shared voluntarily, including through the Pension Scams Industry Group and the forum it supports— the Pension Scams Industry Forum. WWee …
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Government Response Summary
The government agrees with the recommendation to facilitate information sharing and legislate for required industry participation, noting it aligns with DWP's policy review. However, it cannot guarantee legislative changes will occur within the current Parliament, making action dependent on future review and timetable.
Department for Work and Pensions
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